Medibio Ltd (ASX:MEB) has signed a five-year clinical trial agreement with Mayo Clinic to develop new product solutions to assist physicians in addressing psychiatric conditions.

The agreement provides for the conduct of multiple clinical trials involving the use of one or more of Medibio’s proprietary products as well as assist in future product development.

Medibio is a digital health company that has pioneered the use of objective biometrics to assist in the diagnosis and treatment of depression and other mental health disorders.

Sleep and other circadian measures provide a powerful lens into mental wellbeing and Medibio’s solution leverages the science linking sleep and mental health.

Mayo Clinic is a non-profit medical practice and medical research group that employs more than 4,500 physicians and scientists and 57,100 allied health staff.

The organisation specialises in treating difficult cases through tertiary care and spends over $660 million a year on research.

Mental health represents one of the largest clinical problem today with an estimated 350 million people word-wide suffering from depression.

According to the World Bank, depression and anxiety disorders cost the world nearly US$1 trillion annually.

The clinical trials in the new agreement is expected to further solidify Medibio’s research on effectively screening, as well as differentiating types of mental illness, and monitoring drug therapy effectiveness for mental health patients.

Medibio Ltd (ASX:MEB) has been backed by investors to accelerate growth, with the company receiving firm commitments to raise $13.5 million via the placement of 33.75 million shares at a price of $0.40.

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